Cluster analysis of development of alternative finance models depending on the regional affiliation of countries

Business and Economic Horizons Pub Date : 2019-01-01 DOI:10.22004/ag.econ.287251

P. Rubanov, Tetiana Vaylieva, S. Lyeonov, S. Pokhylko

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引用次数: 4

Abstract

The article examines the hypothesis about the existence of regional peculiarities in the development of alternative financing models (such as p2p consumer lending, p2p business lending, p2p real estate lending, balance sheet business lending, balance sheet consumer lending, equity-based crowdfunding, reward-based crowdfunding, real estate crowdfunding, profit sharing crowdfunding, donation-based crowdfunding, invoice trading, debt-based securities). According to an alternative hypothesis, due to the high integration of international financial markets, there are no regional peculiarities of the development of alternative financing models. The cluster analysis tools allow verifying these hypotheses. The cluster analysis methods used, such as tree clustering, k-means clustering, and two-way joining, demonstrate the lack of links between the country's regional affiliation and the degree of development of certain types of alternative financing in it. The key factors affecting the formation of clusters are volumes of peer-to-peer consumer lending and business lending, as well as the volume of invoice trading. According to the results of the research, the authors conclude that it is necessary to find other factors, apart from the regional features, which influence the ratio in the development of certain types of alternative financing in different countries.

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国家区域隶属关系对替代性金融模式发展的聚类分析

本文考察了替代性融资模式(如p2p消费贷、p2p商业贷、p2p房地产贷、资产负债表商业贷、资产负债表消费贷、股权众筹、奖励众筹、房地产众筹、利润分享众筹、捐赠众筹、发票交易、债务证券)发展中存在区域特殊性的假设。根据替代假说，由于国际金融市场高度一体化，替代融资模式的发展不存在区域特殊性。聚类分析工具允许验证这些假设。使用的聚类分析方法，如树聚类、k-均值聚类和双向加入，表明国家的区域隶属关系与其中某些类型的替代融资的发展程度之间缺乏联系。影响集群形成的关键因素是个人对个人消费贷款和商业贷款的数量，以及发票交易量。根据研究结果，作者认为，除了区域特征之外，有必要找出影响不同国家某些类型替代融资发展比例的其他因素。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Business and Economic Horizons ECONOMICS-

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期刊介绍： The Business and Economic Horizons (BEH) is an international peer-reviewed journal that publishes high quality theoretical, empirical, and review papers covering the broad spectrum of research in areas of economics, business, management, and finance. The journal aim is to bridge the gap between the theory and the observed data in these constantly developing domains. BEH Editorial Board welcomes the high-quality original research articles and review papers that verify the well-grounded and the emerging theories by employing the econometric, statistical methods or other relevant empirical methods in theoretical and applied economic analysis. BEH does not discriminate articles utilizing the non-mainstream approaches such as experimental research, institutional analysis, other variations of heterodox and developmental economic studies. Therefore, the submissions in any field of micro- and macroeconomics, business ethics, economic policy or finance are appropriate for this journal. We hope, the provided contributions will help to understand the contemporary challenges faced by the private and public sector and will establish an international forum of empirical research.